Common Questions from First Time Flat Buyers


Purchasing a home is a big decision. It is probably one of the biggest financial investments you may make in your lifetime. Hence, it is paramount that you do your homework well before taking the plunge. It is advisable to do your research well and get as much information as you can about the home buying processes. And one of the best ways to know about the processes well, especially if you are a first-time buyer is to ask questions.

Here are a few common questions that first time home buyers have. Knowing the answers will help make an informed decision.

1. What is the difference between built-up area, super built-up area, and carpet area?

Before buying a flat, you must get familiarised with various technical terms used by the developers. One such critical term is the carpet area, built-up area, super built-up area. The area within the flat that does not include the external wall, terrace and balcony is called the carpet area. In other words, this is the space that you use within the house.

The built-up area is the sum of the carpet area and thickness of the flat’s walls. The super built-up area is the sum of the built-up area, the carpet area and the common area like the lift, staircase, garden shaft, club house, etc.

2. What are the taxes I must pay while buying a flat?

In India, taxation is an integral part of the home-buying process. When you buy a flat, you are obliged to pay several taxes, including –

Stamp duty – It is a statutory fee that you must pay at the time of transferring the property’s ownership from the owner to you. The stamp duty amount varies from state to state.

Property tax – Another vital tax that you must pay while buying a tax is the property tax. It is a local tax levied by the local authorities and it is payable on properties comprising building complexes and the land belonging to the property.

3. How much loan will I get?

This is one of the most common questions that first-time buyers have. The maximum loan you can get depends on the lender’s assessment of your financial profile. Generally, the financial organisations consider several factors like income, age, gender, location and age of the property, occupation, credit history, etc. to determine the maximum they can lend.

It is advisable to use the home loan eligibility calculator to know the maximum amount you can borrow. It is a simple online tool that allows you to determine your eligibility based on the inputs you provide. If you fail to get the amount that you wish, you can consider adding a co-applicant to increase the eligibility and get a higher loan amount.

4. What are the documents needed while applying for a home loan?

The documents required for a home loan varies from lender to lender. But generally, most lenders have a minimal documentation process, and they would need you to submit the following documents.

  • Proof of identity and residence proof
  • Income proof
  • Property-related papers
  • Cheque for paying the processing fee
  • Passport sized photograph
  • Employment proof
  • Bank account statement for last six months

5. Are all the approvals in place?

If you are buying an under-construction flat or a newly constructed one from the builder, you must ask them if they have sought all the mandatory approval from the relevant authorities. You must ask them about the following approvals

  • Building approval
  • Height clearance
  • Water, environment, and pollution
  • NOC from forest, airport, and other relevant government authorities

Ensure that you verify the authenticity of these approval certificates with the help of a legal expert before proceeding with flat purchase.

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